Trading

Bithumb cryptocurrency exchange – May 2019 review

13 April 2019

Bithumb Cryptocurrency Exchange

Buy/sell 35+ cryptocurrencies

0.15% trading fee

Fee discounts available

Founded in 2013

Buy and sell 15 major digital currencies with 0.15% trading fees.

Bithumb is a popular cryptocurrency exchange based in South Korea. It allows users to trade 15 of the world’s largest crypto coins and tokens, including bitcoin, Ethereum and Ripple. Its 24-hour trading volume sees it regularly feature in lists of the world’s 10 largest crypto exchanges.

However, Bithumb is far from the only exchange out there. There’s an ever-expanding range of platforms to choose from, so we’ve put together this Bithumb review to help you decide whether it’s the right crypto platform for you.

Other exchanges provide access to a greater range of digital currencies

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.

Bithumb breaches

Bithumb was hacked twice in 2017, and the personal data of more than 30,000 customers was stolen.It was hacked again in June 2018 and around US$30 million of cryptocurrency was stolen. Another heist took place less than a year later, and a further $20 million of cryptocurrency was stolen from the exchange in March 2019.If you’re looking for an exchange with a strong security record, you may want to look at alternatives to Bithumb.

What is Bithumb?

Founded in 2013, Bithumb is a cryptocurrency exchange based in Seoul, South Korea. It’s one of the world’s largest exchanges in terms of trading volume and allows its users to trade 15 major cryptocurrencies against the South Korean Won (KRW). The platform is run by BTC Korea.com Co. Ltd and also offers iOS and Android mobile trading apps.

In March 2018, Bithumb announced plans to put kiosks in restaurants and cafes across South Korea, giving customers the option to pay for their food orders with cryptocurrency.

Available countries

While Bithumb is mainly targeted at South Korean users, it also offers its platform to users in countries around the world, including Singapore. Contact Bithumb directly for a full list of supported countries, but take note that according to the website’s terms and conditions, you’ll need to be 19 years of age or older to use the platform.

Which payment methods are accepted?

Bithumb only accepts fiat currency (KRW) deposits from Korean residents. All other users will need to fund their account with cryptocurrency deposits.

How much will it cost me to use Bithumb?

Bithumb’s trading fees are outlined in the table below.

Details

Commission (maker fee/taker fee)

Basic commission

0.15%

Discount coupon

0.01% – 0.07%

* “Discounted fixed-amount coupons” can be purchased from the Bithumb website and allow users to access lower commissions.

Fees may also apply to deposits and withdrawals to and from your Bithumb account. Check the table below for full details.

Currency

Deposit fee

Small deposit fee

Withdrawal fee

Korean Won (KRW)

Free

Free

1,000 KRW

Bitcoin (BTC)

Free

0.001 BTC (on deposits of less than 0.005 BTC)

0.001 BTC

Ethereum (ETH)

Free

Free

0.01 ETH

Dash (DASH)

Free

0.01 DASH (on deposits of less than 0.04 DASH)

0.01 DASH

Litecoin (LTC)

Free

0.01 LTC (on deposits of less than 0.3 LTC)

0.01 LTC

Ethereum Classic (ETC)

Free

Free

0.01 ETC

Ripple (XRP)

Free

Free

1 XRP

Bitcoin Cash (BCH)

Free

0.001 BCH (on deposits of less than 0.03 BCH)

0.001 BCH

Monero (XMR)

Free

Free

0.05 XMR

Zcash (ZEC)

Free

0.001 ZEC (on deposits of less than 0.02 ZEC)

0.001 ZEC

Qtum (QTUM)

Free

Free

0.05 QTUM

Bitcoin Gold (BTG)

Free

0.001 BTG (on deposits of less than 0.15 BTG)

0.001 BTG

EOS (EOS)

Free

Free

1.5 EOS

ICON (ICX)

Free

Free

–

VeChain (VET)

Free

Free

–

Tron (TRX)

Free

Free

–

Are there any transfer limits?

Maximum limits apply to the amount you are able to withdraw from your account per day and per month, but these limits vary depending on the level of account verification you have achieved. There’s little information available online about what those limits are, so contact Bithumb for full details. You can upgrade your authentication level by performing tasks such as verifying your phone number or submitting photo ID.

Minimum withdrawal limits also apply as follows:

Currency

Minimum withdrawal

Korean Won (KRW)

5,000 KRW

Bitcoin (BTC)

0.001 BTC

Ethereum (ETH)

0.01 ETH

Dash (DASH)

0.01 DASH

Litecoin (LTC)

0.1 LTC

Ethereum Classic (ETC)

0.1 ETC

Ripple (XRP)

21 XRP

Bitcoin Cash (BCH)

0.002 BCH

Monero (XMR)

0.01 XMR

Zcash (ZEC)

0.01 ZEC

Qtum (QTUM)

0.1 QTUM

Bitcoin Gold (BTG)

0.002 EOS

EOS (EOS)

3 EOS

ICON (ICX)

–

VeChain (VET)

–

Tron (TRX)

–

Is it safe to use Bithumb?

Bithumb made headlines in mid-2017 when it announced that it had been the victim of a hack. This hack saw the personal information of more than 30,000 customers stolen, and some users also reported that their funds had been stolen. A separate breach in July saw the data of more than 3,400 further customers leaked, and the two incidents prompted South Korea’s Communications Commission to issue the exchange with a 60-million won fine.

The exchange was then hacked in June 2018, and US$30 million equivalent of cryptocurrency was stolen. It suffered another theft in March 2019, and another $20 million of cryptocurrency was lost.

With this in mind, it’s well worth researching the features this platform has to offer before deciding whether or not to register.

When you sign up for an account with Bithumb, you’ll need to enter and verify your name, email address and phone number. You’ll also need to create a secure password for your account, which must be between 8 and 12 characters long and contain a combination of upper- and lower-case letters, numbers and special characters. A four-digit security PIN is also required to withdraw or transfer funds from your account.

Customer support

Customer support is a key feature of Bithumb’s service, and you can get in touch with the customer help team 24 hours a day, 7 days a week. The international customer support line offers multilingual assistance, while you can also email your query to the team or access live online support through your account. Bithumb also maintains a small database of FAQs and their answers.

Other exchanges provide access to a greater range of digital currencies

Disclosure: At time of writing, the author holds IOTA and XLM.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.

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